| Status | Entry Price | Stop Loss | Profit Target | Closing price |
| Closed | 0.6987 | 0.6987 | 0.7100 | 0.6987 |
This trade was executed according to Trading Plan.
Potential trade area ?
Save for the industrial production report, economic figures from China were on the upbeat side (as usual!) with retail sales growing by an impressive 22.1% year-over-year in February. Price levels were also rising, evidenced by the 2.7% increase in CPI and the 5.4% jump in PPI. This could bode well for export-dependent, commodity-based economies, such as New Zealand.
Entry trigger ?
I noticed that there was resistance turned support at the pair's bottom daily ATR. This lines up with the 50% Fibonacci retracement and the price is currently sitting there so I just decided to enter at market.
Trade management ?
I set my stop below the 61.8% Fib and my profit target at the previous day high of 0.7100.
05:54 on Tue, 16 Mar 2010 | Views: 24 |
0 pips
Comments
3 comments
Pending
Entry Price 0.6987
Stop Loss 0.6940
Profit Target 0.7100
Open
Entry Price 0.6987
Stop Loss 0.6940
Profit Target 0.7100
Open
Entry Price 0.6987
Stop Loss 0.6940
Profit Target 0.7100
Open
Entry Price 0.6987
Stop Loss 0.6987
Profit Target 0.7100
Open
Entry Price 0.6987
Stop Loss 0.6987
Profit Target 0.7100
Closed
Entry Price 0.6987
Stop Loss 0.6987
Profit Target 0.7100
Trade Recap
Did everything go as planned?
The pair just ranged after bouncing from the 0.6990 area.
What can you improve and what specific steps will you take for improvement?
I think I held on to this trade too long. As a result, I got stopped out at my entry point. Maybe I shouldn't have moved my stop to entry?
Did you execute your trade according to your Trading Plan?
Yes I did.
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